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As consequence, their leak abroad, the Bank can refuse the gold The standard.
Comprehension of the power of the central bank over scales of credit weight has generated
Idea about that it should build meaningly the monetary policy on
"Scientific bases". There is, however, a question what to become called
Criterion of similar "scientific" management? Most often put forward to these
Time the criterion, namely - stability of an overall price level, has generated scepticism in
Theoretical circles, and attempts to use it in practice have ended
Failure. In spite of the fact that jobs of Mizesa, Hayek, Keynes, Mjurdalja (Myrdahl)
Production"; J. M. Keynes, "Der
Gleichgewichtsbegriffals Instrument der geldtheoretischen Analyse "; T.
Koopmans, "Zum Problem der ' neutralen ' Geldes" in "Beitrage zur Geldtheorie", " Monetary Theory, "Treatise on Money"; G. Myrdahl, "The Theory of Money"and"Geldwertstabilisierung und
Under the editorship of Hayek, L. von Mises, "; F. A. von Hayek and the Trade Cycle "and
"Prices have considerably advanced degree of understanding of interaction of forces in
The economy, in our disposal still does not have criterion, exact enough
Which formulation could be used as a management for
The monetary policy. At the same time reformers subject to criticism in the first
Turn efficiency of the control which is carried out by the central bank, and by no means
Not the purposes of this control. It conducts to appeals to even it concentration
Control functions in hands of the monetary power through expansion of the direct
The control both over issue of banknotes, and over deposits.
One more argument possesses rather similar nature with the previous. It
Considers the central bank as the important tool of realisation
The international cooperation in the field of a monetary policy. At least, in
The past such cooperation usually meant achievement of arrangements about
Use of a registration policy for the purpose of deflation avoidance in the country, which
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